Community Bancorp, as of September 30, 2024, reported a consolidated asset increase of 7.1% to $1.18 billion, up from $1.10 billion at the end of 2023. The company experienced a notable rise in its loan portfolio, with total loans reaching $912.7 million, an increase of $67.3 million or 8.0% since December 31, 2023. This growth was primarily driven by increases in commercial real estate loans, commercial and industrial loans, municipal loans, and residential real estate first lien loans.
Total deposits also rose to $929.6 million, reflecting a 3.6% increase from $897.0 million at the end of 2023. The growth in deposits was largely attributed to a significant rise in time deposits, which increased by 40.9%, while money market funds and savings accounts saw declines. The company utilized borrowed funds as a supplemental source of financing due to loan growth outpacing deposit growth.
Interest income for the third quarter of 2024 was $14.0 million, a 15.6% increase from $12.1 million in the same quarter of 2023. For the nine months ended September 30, 2024, interest income totaled $40.0 million, up 17.5% year-over-year. However, total interest expense also surged, increasing by 45.1% in Q3 2024 and 68.4% for the nine-month period, leading to a net interest income of $8.7 million for Q3 2024, slightly up from $8.4 million in Q3 2023.
Net income for the third quarter of 2024 was reported at $3.1 million, down from $3.4 million in the same quarter of 2023. For the nine months, net income decreased to $8.7 million from $9.9 million in the prior year. Earnings per share for Q3 2024 were $0.55, compared to $0.61 in Q3 2023.
The company’s total non-interest income for Q3 2024 was $2.0 million, a 17.2% increase from the previous year, while non-interest expenses rose by 11.9% to $6.5 million. The increase in expenses was driven by higher salaries, employee benefits, and service contracts.
As of September 30, 2024, total shareholders' equity increased to $98.3 million, with a book value per share of $17.36, up from $15.87 at the end of 2023. The company declared a quarterly cash dividend of $0.24 per common share, reflecting a 4.3% increase from the previous level.
Overall, Community Bancorp's financial performance in 2024 has been characterized by growth in loans and deposits, increased interest income, and a rise in non-interest income, despite challenges in net income and rising expenses.
About COMMUNITY BANCORP /VT
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